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OECD-Bank Indonesia International Conference on Financial Education

Bali, Indonesia, 21-22 October 2008

The conference, co-organised by the OECD and Bank Indonesia, is part of the OECD programme on financial education. A main objective of this programme, set up 5 years ago, is to promote international cooperation among key financial education stakeholders, especially in the context of the rapid changes in emerging economies, resulting in a wider array of financial services (often credit products) now being offered to a large number of inexperienced consumers. The macro-economic implications of these new market realities are potentially significant if individuals are not provided with the tools they need to become financially literate. The urgent need for financial education has recently been emphasised by developments in the mortgage and credit markets and, most notably, the subprime crisis. Similarly, the Indonesian authorities have started paying close attention to issues related to financial literacy and education – having declared 2008 “the year of financial education”.

Against this backdrop, the OECD-Bank Indonesia International Conference on Financial Education convened a wide international audience of governmental officials and experts from public and regulatory and supervisory authorities, as well as senior decision makers, industry experts and academics from OECD and non-OECD economies. This event sought to advance and elevate dialogue on financial education in the international arena, with a special focus on South East Asian economies. In addition, the Conference shared country-specific experiences in implementing financial education strategies, reviewed applied research and discussed best practices.

The Conference was organised with the sponsorship provided by the OECD, Bank Indonesia and the Government of Japan.

Prof. Norio Okada, Disaster Prevention Research Institute, Kyoto University, Member of the Board of the International Network on the Financial Management of Large-Scale Catastrophes, Japan (Presentation, Summary)